Black executive Calvin Butler pockets $14.7 million salary from Exelon in 2024

Calvin Butler, the accomplished Black executive serving as the president and chief executive officer of Exelon Corporation, a public utility company headquartered in Chicago, received a total compensation of $14.7 million in 2024.

Butler, who assumed the CEO role on December 31, 2022, garnered a total compensation of $14.7 million, reflecting a remarkable surge of 19.53 percent compared to the previous year's reward of $12.27 million.

This package includes a base salary of $1.28 million, augmented by a short-term incentive of $2.64 million, recognizing his pivotal role in steering the Chicago-based public utility company. Additionally, Butler received a long-term incentive award totaling $9.17 million.

Exelon strengthens its lead among U.S. electric utilities

Before joining Exelon in 2008, Butler held senior leadership roles with the print, digital and supply chain solutions company R.R. Donnelley. He spent his early career with Central Illinois Light Company (CILCORP, Inc.), where he worked in government affairs, legal and strategy.

Now, under Butler’s leadership, Exelon Corporation has maintained its position as the largest regulated electric utility group in the United States. The company serves more than 10 million customers across Illinois, Pennsylvania, New Jersey, Maryland, Delaware, and Washington, D.C. 

Exelon, the nation’s largest utility company, ranked 192nd on the 2024 Fortune 500 list, highlighting its continued influence in the American energy market. Before taking the top job, Butler served as president and COO of Exelon and previously led Baltimore Gas and Electric (BGE) between 2014 and 2019. 

His leadership record has placed him among the top 200 Fortune 500 CEOs, a rare achievement for a Black executive in the U.S. energy sector.

Exelon’s 2024 revenue hits $23 billion

Exelon’s 2024 results showed steady growth. The utility posted $23.03 billion in revenue, up 6 percent from $21.73 billion the year before. 

Total assets rose to $107.78 billion, a 5.8 percent increase over 2023. Butler has credited the company’s performance to disciplined cost management and ongoing investment in grid modernization.

As Exelon continues to grow and improve its infrastructure, Butler's leadership is still at the heart of its long-term plan to provide reliable service to millions of people while dealing with new problems in the U.S. power market.